Our payroll team is continuously researching best practices and new technologies to make our compensation methods more convenient for our employees. For example, in early 2018 we switched from bi-weekly to weekly pay periods, which was favored by many of our employees. Now, we are introducing a new measure which we hope will provide an added benefit to our employees.
Effective Q1 2019, employees can choose to have their paycheck automatically transferred to a reloadable prepaid payroll card (a.k.a. pay cards). These pay cards can be used in much the same way as a debit card—to make purchases, pay bills, withdraw funds from an ATM—without having to open a bank account. Previously, employees were paid in one of two ways: direct deposit or a live check. Currently, a little over a third of our active employees are paid by live check, 74% of whom are crewmembers and assistant field managers. A large part of this group prefer to use check-cashing retail shops, where they incur additional fees. Check cashing services provide a sense of security because users can see fees up-front, have full control of their funds, and have access to other transaction-based services, such as money orders, utility payments, and Western Union. However, all these services come at cost—often between 2.5 to 5% of the check’s total value.
Online and Mobile Account Management: With the website or mobile app, available in Spanish or English, users can…
We hope this new payment method will provide employees with an alternative that offers more flexibility and less fees. If you have any questions about the pay cards or how you can enroll in the program, please contact Payroll Manager Tina Holt at firstname.lastname@example.org.